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AM Best Places Credit Ratings of GeoVera Insurance Group Members Under Review With Developing ImplicationsAM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" (Excellent) of the members of GeoVera Insurance Group (GeoVera) (headquartered in Fairfield, CA), which operate under an intercompany reinsurance agreement. (See below for a listing of the companies.) The Credit Ratings (ratings) of GeoVera have been placed under review with developing implications following the April 9, 2024, announcement that GeoVera Insurance Holdings, Ltd. has entered into a definitive agreement to sell its managing general agent (MGA) business to SageSure, a residential property catastrophe MGA, and to sell its insurance carriers to GeoVera Nova Holdings, Inc. (GeoVera Nova), a newly formed holding company. As part of the latter transaction, GeoVera Nova also will acquire SafePort Insurance Company, a SageSure producer. The transactions are subject to regulatory approval and other customary closing conditions and are expected to close in the fourth quarter of 2024. The ratings will remain under review pending the close of the transaction and until AM Best can fully review the post-transaction details. The FSR of A (Excellent) and the Long-Term ICRs of "a" (Excellent) have been placed under review with developing implications for the following members of GeoVera Insurance Group:
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com. Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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